India
is developing nation by the time with the more development in the technologies
of remittance. In the last years, according to annual remittance data through
The World Bank, India has the highest remittance recipient across the globe
followed by China. Unsurprisingly, in India many new Fintech companies are
startup with the new technology which is likely to change the traditional way
of doing remittance across the globe. Since India is the largest receiver of
remittance, any upgradation in the technology of cross border payments is
likely to have a positive impact. According to the report analysis, ‘Remittance
Industry Research and Market Reports’ states that technology of
blockchain is playing vital role in the remittance from non-resident Indians
(NRIs) as the major portion of Indian population is directly depend on the
remittances to pay for things which includes rent, food and several other
necessities. The government is also serious related to the development in
India’s economy and enabling prosperity to all its citizens, it needs to
settles the problems related to remittance. Hence, it can be done by the
adaptation of blockchain technology which is very much helpful as it reduces
cost and less time consuming process.
If
we talk about the traditional way of doing remittance, it was too much time
consuming process and expensive process whereas, sometimes due to error the
payment lead to failure. The cross border payment can take three to five days
to arrive and often go missing in the ancient times. Meanwhile, the longer a
foreign worker’s money is pinned up in the process of remittance, the more
exposed their payment is to volatile the market of forex. In the constitution
law of India everyone is having the right to know when their payment will arrive
at its destinations, at what cost and at what exchange rate whereas, which is
done by the blockchain technology. This technology make international
remittance more effective, easy and real time process. According to the report
analysis, ‘Market
Research Reports for Remittance’ states that in the cross border
payment, the blockchain technology is playing wide role as it totally abolish
the traditional way of doing remittance and removes the need for related
banking which include middle man by enabling the interaction to a sender bank
with a recipient bank when initiating a payment. However unsurprisingly, the
blockchain technology is just a game changer for India.
The
Indian Companies of technology are doing so many significant alteration for the
development in the specification of blockchain technology. Indian government is
also doing effective functioning for establishing the new technologies and new
innovations in the existing functions of this technology as the remittance from
another country effect the GDP of India and this development is very much
helpful in attaining the highest share across the globe in the remittance
industry. The key players are doing significant working for minimizing the
efforts and results in effective cross border payments. Therefore, in the
coming years the Indian remittance industry will grow more significantly over
the decades with the more development in the economy and blockchain technology.
For more information, click on the
link below:
Contact Us:
Ken
Research
Ankur
Gupta, Head Marketing & Communications
+91
9015378249
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